BLOCK MY CHAIN? BLOCKCHAIN IN HOTELS IN 2023

BY MARTIN KUBLER, CHIEF SLOTH AT THE GLUTTONOUS SLOTH, HORECA CONSULTING WITH ATTITUDE

Yes, this happens even in hotels. The reason blockchain is still around when others have failed is, I believe, precisely because few people fully understand it and because, by itself, it doesn’t promise untold riches like NFTs or crypto currencies. It just is. Like a car. Or a printer. It takes time and knowledge to understand how they work really either, but you can see their usefulness.

chain? I still don’t know… but wait!

I get it - most people still don’t understand how blockchain works. Meanwhile, other web 3.0 and social media platforms and concepts have more or less spontaneously combusted. Blockchain technology is quietly revolutionising things behind the scenes.

Blockchain technology, though still in its early stages, has the potential to revolutionize the hotel and hospitality industry by improving efficiency, transparency, security, and customer experience. Did you know that Accor has partnered with a blockchain startup called Winding Tree to explore the use of blockchain technology in its booking and loyalty programs? The partnership aims to improve transparency, reduce costs, and provide a better customer experience. TUI Group has launched a blockchainbased system for managing hotel bed inventory. The system allows TUI to track the availability and pricing of hotel rooms in real-time; improving efficiency and reducing costs.

There’s Shocard, a block- chain-based identity verification platform that allows hotels to verify the identity of their guests using a digital identity. This eliminates the need for physical keys or identification documents and improves security. Or how about Stayawhile or LockChain, both platforms that use smart contracts to disrupt the booking process and provide secure and transparent transactions without the need for intermediaries such as online travel agencies (OTAs). Need money to refurbish or expand your property? You could borrow it from a bank. That is if you’re lucky and willing to accept the interest rate. Or, soon, you could turn to Azqira, a fin-tech startup that is changing the way people invest in hospitality real estate via fractional ownership through blockchain technology. In short: rather than one or two banks funding your project, you get hundreds of individual investors funding it at a lower cost, made possible through the use of blockchain technology. Want to sound like an expert without leaving hospitality to become a blockchain expert? Here’s a quick overview of what and where you can expect blockchain technology to make an appearance in the F&B industry:

> Smart contracts: Hotels can use blockchain-based smart contracts to automate and streamline their processes, such as room bookings, payments, and loyalty programs. This eliminates the need for intermediaries and reduces transaction costs.

> Secure data sharing: With blockchain technology, hotels can securely share customer data, such as preferences and bookings, with other hotels or partners without compromising privacy. This can lead to improved customer experience and loyalty.

> Payment processing: Hotels can use blockchain-based payment systems to process transactions securely and more efficiently. This can reduce the risk of fraud and chargebacks, and also lower transaction costs.

> Identity verification: Blockchain can be used to verify the identity of guests and staff members, improving security and preventing fraud. For example, guests can use blockchain-based digital identities to check in and access their rooms without the need for physical keys or identification documents.

> Supply chain management: Blockchain can be used to track the supply chain of hotel products such as linens, food and beverages, and other consumables. This can improve transparency, reduce waste, and ensure the quality of the products.

> Reviews and ratings: Blockchainbased review systems can provide more accurate and reliable ratings of hotels and other hospitality establishments. This can reduce the risk of fake reviews and improve the overall reputation of the industry.

Unlike concepts like the metaverse or NFTs, blockchain has actual usefulness and the best thing is, we’re still at the very beginning of its impact.